Gold79 Mines Ltd. is pleased to announce a planned drill program at the Greyhound project located in Nunavut, Canada. In May, project operator Agnico Eagle Mines Limited will initiate a diamond drilling program focused on three priority target areas with the objective of identifying gold-bearing structures or veins at two targets and VMS-type mineralization at another target area. The planned drilling program will ...

Gold79 Mines Ltd. (TSXV: AUU) ("Gold79" or the "Company") is pleased to announce a planned drill program at the Greyhound project located in Nunavut, Canada. In May, project operator Agnico Eagle Mines Limited ("Agnico Eagle") will initiate a diamond drilling program focused on three priority target areas with the objective of identifying gold-bearing structures or veins at two targets and VMS-type mineralization at another target area. The planned drilling program will comprise eight holes for approximately 1,100 metres. Figure 1 details the planned program and hole locations along with the location of both rock and soil historical (2008-2019) gold and copper-zinc anomalies.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5717/77870_2f674d0d042c98d2_001.jpg

Figure 1 - Greyhound Project 2021 Drill Program: Geology modified after GSC A Series map 2069A. Soil data for SE Aura Lake displays only Au data; soil data for Outstanding Lake-Dingo areas has both Au and Cu + Zn data. All assays for rocks and soils employed 4-acid dissolution.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5717/77870_2f674d0d042c98d2_001full.jpg

South-East Aura Lake Gold Target

Three drill holes are planned (390 metres) targeting the strongest induced polarization (IP) anomalies from a 2018 geophysical survey. The anomalies have a NE to ENE orientation and parallel a major regional structure located a few hundred metres to the south. The planned drill holes are up ice of distinct gold-in-till anomalies. These holes will test the source of soil and boulder Au and As anomalies. The South Aura Lake Gold Target is proximal to a number of historical high grade locally transported rock samples containing up to 28 grams per tonne (g/t) gold (see Figure 2).

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5717/77870_2f674d0d042c98d2_002.jpg

Figure 2 - South-East Aura Lake Sulphide Enriched Surface Sample Grading 28 g/t Gold

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5717/77870_2f674d0d042c98d2_002full.jpg

Dingo Pluton Gold Target

Two drill holes are planned (270 metres). The first hole (21A) targets gold in quartz veining in the margin of the Dingo pluton, focussed on an isolated electromagnetic anomaly, potentially sulfide mineralization. It is also associated with gold-soil anomalies, surface samples with up to 12.5 g/t Au, and a possible ENE structure identified by a high-resolution ground magnetic survey. The second hole (21B) targets a surface gold discovery at the north edge of the pluton. Grab samples contain up to 12.4 g/t gold.

Outstanding Lake VMS Target

Three drill holes are planned for a total of 450 metres, to test EM anomalies at the Outstanding Lake VMS Target area. Results from a 2020 till survey identified numerous base metal anomalies, as well as an isolated gold anomaly, all down ice. A Max-Min EM survey conducted on the ice at Outstanding Lake identified a strong conductor. It occurs within a 2km Airborne VTEM conductive zone coincident with the Outstanding Lake north and south prospective areas. Drill core from hole DDH G11-31 at the SE shore of Outstanding Lake, drilled to the east away from the conductor, contains both base metal contents and alteration characteristics of a VMS footwall, which support the current targeting. Glacially transported boulders containing 9.3% Cu and 18.4% Zn were previously discovered about 1 kilometre to the west of Outstanding Lake. The EM anomalies at Outstanding Lake are a probable source.

Agnico Eagle is operator of the Greyhound joint venture and has implemented protocols, safety precautions and continues to monitor developments with respect to COVID-19. The Company and Agnico Eagle have a duty to provide a safe working environment to protect the health, safety and wellbeing of employees, contractors and communities surrounding our projects.

Dr. James M. Franklin, PhD, FRSC, P. Geo is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this press release regarding the Greyhound project.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds two projects with minority interest being a 37.1% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited and a 20% carried interest in the Taviche Project in Oaxaca, Mexico now under option to Fortuna Silver Mines Inc.

For further information regarding this press release contact: Gary Thompson, Executive Chairman, by email at GT@gold79mines.com. Gold79's website is located at www.gold79mines.com.

FORWARD-LOOKING STATEMENTS:

This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any future private placement financings, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77870

News Provided by Newsfile via QuoteMedia

Gold79 Mines TSXV:AUU Gold Investing

B2Gold Completes the Sale of Burkina Faso Projects

B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) (" B2Gold ") is pleased to announce that it has completed the sale of its 81% interest in the Kiaka gold project located in Burkina Faso (the " Kiaka Project ") to West African Resources Limited (ASX:WAF) (" WAF ")(the " Kiaka Transaction "). Pursuant to the terms of the Kiaka Transaction, on closing B2Gold received a cash payment of US$22.5 million (in addition to the US$450,000 already received), 22,190,508 ordinary shares of WAF (" WAF Shares "), and a 2.7% net smelter return (" NSR ") royalty interest on the first 2,500,000 ounces of gold produced at the Kiaka Project and thereafter a 0.45% NSR royalty interest on the next 1,500,000 ounces of gold produced. B2Gold will also receive an additional payment of US$45 million (the " Additional Payment ") payable on the earlier of (i) commencement of construction at the Kiaka Project (provided such date will no earlier than April 25, 2022 ), (ii) completion of a positive feasibility study at the Kiaka Project, and (iii) October 25, 2022 . The Additional Payment will be paid in cash or WAF Shares, at B2Gold's option but subject to any required WAF shareholder approval to issue the WAF Shares.

Concurrently with the closing of the Kiaka Project, B2Gold also completed the sale of its 90% interest in the Toega gold project located in Burkina Faso (the " Toega Project ") to WAF (the " Toega Transaction "). Pursuant to the terms of the Toega Transaction, on closing B2Gold  received a cash payment of $9,000,000 (in addition to the US$9,000,000 already received), and a 2.7% NSR royalty interest on the first 1,500,000 ounces of gold produced at the Toega Project until such time as the royalty payments total US$22,500,000 and thereafter a 0.45% NSR royalty interest.

Keep reading... Show less

World Gold Council Report Underscores Barrick's Leading Role in Sharing the Benefits of Mining

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) today welcomed the release of the World Gold Council's report highlighting the role of its members in contributing to socio-economic development in the countries and communities in which they operate. According to the report, available at www.gold.org this contribution amounted to almost $38 billion in 38 countries last year, in the form of payments to governments, employees and suppliers.

Barrick's status as an industry leader in socio-economic development was underscored by the comparison between its performance and the industrywide figures reported by the World Gold Council:

Keep reading... Show less
Otso Gold Announces Appointment of Chief Restructuring Officer; Resignation and Appointment of Directors; Resignation of Lionsbridge PTY Ltd and Provides Corporate Update

Otso Gold Announces Appointment of Chief Restructuring Officer; Resignation and Appointment of Directors; Resignation of Lionsbridge PTY Ltd and Provides Corporate Update

Trading Symbol: TSX-V: OTSO

 Otso Gold Corp. (" Otso " or the " Company "), (TSXV: OTSO) is pleased to announce the appointment of Alvarez & Marsal Nordic AB to provide Chief Restructuring Officer (" CRO ") and other services to the Company and to provide the following corporate update to shareholders.

Keep reading... Show less
Volcanic Gold appoints VP Exploration; reports on drill results delay

Volcanic Gold appoints VP Exploration; reports on drill results delay

(TheNewswire)

Volcanic Gold Mines Inc.

2021-11-30 - VG - News Release
Shares issued 45,543,710
VG close - C$0.50, W/C +$8.5 Million

Keep reading... Show less
NV Gold Confirms Potential Extension of Gold Mineralization at Slumber Project

NV Gold Confirms Potential Extension of Gold Mineralization at Slumber Project

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(Frankfurt:8NV) ("NV Gold" or the "Company") has confirmed the correlation of a "low-resistivity zone" with known alteration and possible gold mineralization at its 100% controlled Slumber Gold Project ("Slumber") located approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada, USA

The Q4-2021 drill program at Slumber has currently completed five RC (reverse circulation) drill holes totaling approximately 900 meters. The goal of this program is the confirmation of a reinterpreted geological model and correlation of alteration and possible gold mineralization with a low resistivity zone identified by last year's CSAMT work (see press release September 7th, 2021). The initial holes appear to confirm this previously untested concept.

Keep reading... Show less
Novo Identifies Ni-Cu Targets at Southcourt, Andover Intrusion, Adjacent to Azure's Andover VC-07 Ni-Cu-Co Discovery

Novo Identifies Ni-Cu Targets at Southcourt, Andover Intrusion, Adjacent to Azure's Andover VC-07 Ni-Cu-Co Discovery

HIGHLIGHTS

  • Novo's extensive greenfields exploration program has recently identified and advanced a series Ni-Cu-Co targets adjacent to Azure Minerals Limited's (" Azure ") (ASX: AZS) Andover VC-07 Ni-Cu-Co massive sulphide discovery (" Andover ") and Artemis Resources Limited's (" Artemis ") (ASX: ARV) Carlow Castle Au-Cu-Co discovery (" Carlow Castle ")
  • Novo's 100%-owned exploration licence 47/1745 contains several airborne electromagnetic (" VTEM ") anomalies (previously defined in 2007 by Legend Mining Limited (" Legend ") (ASX: LEG)) which have not been drill tested, along with large high order soil geochemical anomalies (including Cu, Ni and Co) associated with the VTEM conductors, including the Southcourt and Milburn prospects
  • Novo is now progressing ground electromagnetic (" EM ") geophysical surveys in the near-term to advance these discoveries
  • This work is consistent with Novo's accelerated exploration strategy targeted at growing the Company's portfolio of gold and battery metals prospects in the Pilbara region of Western Australia

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that it has recently identified and advanced a series of Au-Cu and Ni-Cu-Co targets on EL471745, adjacent to Andover 1 and Carlow Castle 2 in the West Pilbara region of Western Australia, although there is no certainty that EL471745 contains the same levels of mineralization as either of these discoveries.

Keep reading... Show less

Top News

Related News